US Financial Regulator Warns Against Strict Cryptocurrency Rules

Cryptocurrencies are prevalent in South Africa and gaining traction as an option on-line currency. This write-up, consequently, illustrates the use of cryptocurrency in the facilitation of criminal activity through the critique of current literature. Lastly, an exposition of the crimes is presented in order to demonstrate how cryptocurrencies can be utilized as a tool and target in the facilitation of cybercrime. Concomitantly, cryptocurrencies are also establishing themselves as an excellent currency for cybercriminals due to their unregulated and pseudo-anonymous nature. Cryptocurrencies can be applied either as a tool or target in the facilitation of cybercrimes, such as cyber funds laundering, cyber extortion, phishing, hacking, cyber fraud and other monetary crimes such as Ponzi and investment scams. Given the highly technical, decentralised and hence complex nature of cryptocurrencies, it is crucial for criminologists to have a fundamental understanding of the modus operandi utilised in ‘cryptocurrency crime’. This post begins with a short discussion on the history of cryptocurrencies. The technical underpinnings of a cryptocurrency are thereafter explained in order to contextualise their use in the facilitation of cybercrime.

Some of the participants in this debate have appreciated the part of cryptocurrencies for instance, Kim (2017) argued that the simpler infrastructure and decrease transaction expense of Bitcoin are positive aspects compared to retail foreign exchange markets. Similarly, Bouri et al. 2017) discovered that the Bitcoin acts as a hedge against uncertainty, although Dyhrberg (2016, 2016b) declared it a very good hedge against stocks, the US dollar, and gold, and argued that it can be included in the selection of tools offered to market place analysts to hedge marketplace distinct risk1. Financial innovation has been an essential platform for the debate and implications of blockchain technologies and cryptocurrencies (for instance, see the special concern on blockchain)2. The emergence of cryptocurrencies has significant implications for the global economy in general and emerging economies in specific. Furthermore, the risk to Bitcoin technologies can also be minimized and concomitantly, cryptocurrencies have an crucial function to play in emerging economies. For instance, a study by Carrick (2016) argued that Bitcoin and cryptocurrencies have idiosyncratic features that make them appropriate and complementary to the currencies of emerging markets.

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For instance, the Bitcoin blockchain nonetheless has a block reward ten years right after its initial launch of 6.25 Bitcoins (≈ $306k), which is issued roughly just about every 10 minutes to assist fund the mining nodes securing the network (≈ $44M a day and ≈ $16B a year at existing rates). This would remove the pretty value proposition the network set out to generate in the first spot, getting a minimally extractive coordinator. Decentralized computation networks that attempt to rely upon VC funding for lengthy-term subsidization demand some form of worth extraction mechanism from users (such as an upcharge on network fees) in order to spend back the debt they take on. It would also produce misaligned incentives where time and resources are spent catering to the demands of the network’s biggest investors as opposed to what could be better for the long-term success of its actual users. Therefore, the network could not offer any credible neutrality, as the entities offering the capital for subsidization would eventually have excessive control more than the future path of the network’s improvement.

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